Gold posted new high at $1305 on Monday, extending last week’s strong rally, when yellow metal was up 2.12% in the strongest weekly performance since last week of August.
Gold price is establishing above $1300 level, boosted by fresh safe-haven buying on rising tensions over Kurdish referendum which resulted in clashes between Iraqi and Kurdish forces.
Bullish techs are underpinned by fundamentals and could boost metal’s price for test of next barrier at $1309 (weekly Tenkan-sen / 50% of $1357/$1260 descend), break of which would expose top of daily cloud at $1316.
Overbought slow stochastic on daily chart warns of pullback. Broken psychological $1300 level now marks immediate support, followed by rising 55SMA at $1295, which should contain dips and guard lower pivot at $1288 (20SMA).
Res: 1305, 1309, 1313, 1316
Sup: 1300, 1295, 1288, 1285
